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&#39IFA consortiums can win in e-mortgages&#39

IFAs should set up consortiums to buy software designed for e-mortgages,

says Mortgage Code Compliance Board chief executive Luke March.

He believes it is one important way that IFAs can stay ahead in the

e-mortgage market.

Providers are poised to offer complete online mortgages as soon as digital

signatures are legalised. This is expected to happen once the E-Commerce

Bill has passed through Parliament.

Sharing the costs of software is the easiest way for small IFA firms to

afford software compatible with product providers, says March. This would

enable them to complete entire transactions online, creating paperless

mortgages.

March says getting the right software in the first place is vital. He

says: “IFAs will have to invest in technology and keep up to speed with

lenders. Setting up consortiums could be a way to afford this. There is a

potential danger for IFAs if they get left behind in the e-mortgage

market.”

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